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  • #997402
    Chrispro
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    Hi, I’m after bit of advice. I will be doing some international transactions moving forward. Transactions are truly international (various different countries) but always in USD. It seems to me that it would make life easier if I have a US PayPal account and a US bank account to manage these transactions. Is this possible (for an Aussie to get US accounts) without any address over there? Furthermore it would be preferable to have these accounts in a business name but not absolutely essential if this makes things particularly difficult.

    I’ve never used PayPal before for receiving payments (only making them) – are there extra fees if you sign up for a business account? Generally payments from the PayPal account will be irregular but usually between 500 and 5000 when they occur. Payments coming into the PayPal account will be a lot more regular but smaller usually began say 50 and 5000. I also want the US bank account so that I don’t have PayPal currency conversion fees every time I make/receive a payment.

    Any advice greatly appreciated, and also any recommendations on possible bank accounts to utilise in order to minimise fees would be brilliant. Thanks

    #1211878
    Paul – FS Concierge
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    Hi [USER=84887]@Chrispro[/USER]

    Yes, PP definitely do charge in a number of ways and offer very expensive currency conversion.

    Your could try something like https://stripe.com/atlas – which provides both an LLC and a US Bank Account to go with it.

    Let us know how you go.

    Cheers

    #1211879
    Chrispro
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    Hi Paul, Thanks for the suggestion. Just had a real quick look but will have to check it out more later. The service of setting the bank account, etc up sounds great but I see that would get me a company in the US which I imagine then has various tax implications over there. I’m trying to avoid adding complexity like that if I can. Has anyone else here used Stripe Atlas and can comment?

    Also, many of the transactions I do will be required to go through either an escrow service or through PayPal (not my choice) simply for tracability and to give some protection to the purchaser. Given that I would need to use PayPal regardless I wonder if it’s really worth going through Stripe?…

    #1211880
    Paul – FS Concierge
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    Just for info, Stripe Atlas is pretty new and I agree about the adding complexity that you want to avoid.

    I used to own and run a US based website and paid taxes on income here, sucking up the huge PayPal fees along the way which was less than ideal so I see where you are coming from.

    I have a Stripe account here for my Aussie business and have found it to be a good experience.

    You may have to choose between a bunch of less than ideal choices in the end but can I suggest running the projected numbers through a spreadsheet to find out which is the least bad choice.

    Good luck.

    #1211881
    Chrispro
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    Thanks Paul. Yeah – you may well be right – it could be a matter of choosing between the lesser of several evils. Paying the PayPal fees is unpalatable but certainly something I’ll consider if necessary since it keeps things simple (no changes to any current accounts) – though it does of course impact the bottom line.

    Anyone else care to comment on the options for trading overseas?..

    #1211882
    Chrispro
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    For anyone following along, I’ve been doing a bunch of reading. It seems there is no way that PayPal will allow you to sign up for an account in 2 different countries unless you live in bother countries. I imagine if I were to pay Stripe Atlas to setup a US LLC for me then that would possibly allow me to get a US PayPal account for that LLC as well. But the cost and complexity (ongoing US tax obligations) of having an LLC in the US doesn’t seem worthwhile to me at present.

    There are of course illegitimate ways to get around these rules and get a PayPal acct in a second country, but that’s not something I’d be interested in.

    For me, the inability to get a USD-based PayPal account makes the rest of the exercise a bit irrelevant, since that’s the main thing I need. Bummer.

    Please do let me know if anyone else has any other thoughts!…

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